The mobile payment giant Alipay has put blocks and barriers in place on it’s mobile payment app to stop accounts from completing OTC (over the counter) trades.
Alipay, Chinas largest payment system has roughly 400 millions users as of Q3 report in 2017. It is owned by Alibaba’s Ant financial which is valued at over $150 billion on the stock market.
The Beijing news site states that Alipay has now put strict measure in place to restrict and block accounts that use the platform to transact in Bitcoin over the counter sales as well as putting in an inspection system for “key websites and accounts”.
In January, a fresh crackdown from Beijing saw fringe trading platforms such as peer-to-peer (P2P) and OTC resources removed or banned, which added a blanked embargo on Crypto-to-fiat trading and initial coin offerings (ICOs) in place since in September 2017.
One of the largest Chinese Cryptocurrency communities called BBTC which is run by Red Li sent out on social media a screenshot of the news from Alipay stating that “#Alipay is blocking accounts involved in otc bitcoin trading”.
The news from Alipay follows close heels of an onslaught of toughened anti-Crypto measures in China which includes this weeks ban on all commercial venues that host any Crypto or Blockchain related events in the Beijing Chaoyang district.
Also to top this off, China’s leading social media platform called WeChat has permanently blocked Cryptocurrency related accounts suspected of publishing “Hype” or “Shilling” in violation of the regulations introduced earlier this month.
Throughout the social media platforms, Linkedin, Twitter, Facebook, Telegram, there is a big wave of worry that China is doing everything in it’s power to also censor and keep central control over it’s financial system with some even stating that China will find a way to control Cryptocurrency and the paradigm shift in innovation within it’s borders.
What will be the next major block by the Chinese government and their companies in the coming weeks? Let’s hope we have some better news to come from the powerhouse of the worlds financial economy.